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KMC Properties ASA

Investor Presentation • Feb 13, 2014

3645_rns_2014-02-13_38f221f1-f493-469b-8b99-ac34c8639585.pdf

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Year End and Fourth Quarter 2013 FINANCIAL RESULTS PRESENTATION13 February 2014

DISCLAIMER

This document is being furnished for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any security, future or other financial instrument or product. It is not intended to form the basis of an investment decision and has not been verified. Storm Capital Management Ltd. ("Storm") makes no recommendation or representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained herein or any other information, whether written or oral, made available and any liability therefore is expressly disclaimed. Such information is presented as of the date and, if applicable, time indicated and Storm does not accept any responsibility for updating any such information.

Any simulations, projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the evaluation of the matters described herein; such simulations, projections, valuations and analyses may be based on subjective assessments and assumptions and may utilise one among alternative methodologies that produce differing results; accordingly, such simulations, projections, valuations and statistical analyses are not to be viewed as facts and should not be relied upon as an accurate representation of future events. No representation or warranty is given as to any of the simulations or analyses, or as to the achievement or reasonableness of any future projections or estimates, contained in this document.

This document has been prepared by Storm Capital Management Ltd. and should not be considered impartial research under FCA Rules. The views expressed may not be supported by independent analysis. The author of this document may be remunerated as a result of transactions generated by this information.

Storm Capital Management Ltd. is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Its registered office is at 100 New Bond Street, London W1S 1SP, United Kingdom.

KEY TAKE AWAYS Q4 2013

Total comprehensive income US\$ 2.4m

Property values + US\$ 0.1m in the quarter

3. NAV increased 4.5% to NOK 25.79 in the quarter

FINANCIAL HIGHLIGHTS 2009INCOME STATEMENT – IFRS

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(1) Unaudited

(2) Comprehensive income includes the currency effect of asset revaluations. Storm Real Estate ASA's buildings are revalued by an external valuer. The local functional currency is RUB, the effect of value change in RUB is presented over the income statement. The residual effect in USD is allocated to equity and presented over Other Comprehensive Income.

MAJOR ITEMS AND QUARTER BY QUARTER PERFORMANCE

Q4 2013(1) Operating Profit Total Comprehensive Income \$2.4m \$0.8m \$1.7m (US\$) Gains in Funds and Shares:Gains on interest rate hedges \$0.5m Interest cost, inc. interest Swaps (\$0.7m) Reverse provision liability Gasfield \$1.0m Tax (\$1.3m) Non major items \$0.4m Sum of major items \$2.0m

Total Comprehensive Income US\$ 2.4m in the Quarter

BALANCE SHEET

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A Solid Balance Sheet

(1) Unaudited

(2) Includes cash invested in liquid securities for cash management purposes

CASH & INVESTMENTS

OVERVIEW OF STORM BOND FUND

Low Duration and High Yield

STORM REAL ESTATE SHARE PRICE PERFORMANCE

  • The Storm Real Estate ASA share is listed on Oslo main exchange since 6 July 2010 200%
  • Current share price of NOK 17.00 per share (31 January 2014)
  • Net Asset Value of 25.79 NOK per share (31 December 2013), an increase of 4.5% in the quarter

Source: Oslo Stock Exchange, Bloomberg

(*) SRE and OSEBX adjusted for dividends. As per 31 January 2014.

DEVELOPMENT OF ASSET VALUE 2009 – 2013

GASFIELD BUILDING, MOSCOW & GRIFON HOUSE, ST. PETERSBURG

a Swiss PSI Cro AG company

STRONG DEVELOPMENT IN TK DEVELOPMENT'S MARKETS

EUROPEAN OFFICE CLOCK Q4 2014

OUR KEY MARKETS

RUSSIA – INFLATION HAS STABILISED AROUND 6.5%

RUSSIA – INDUSTRIAL PRODUCTION

Source: Bloomberg (2013)

(1) Bloomberg 30 January 2014 - median estimate of 19 economists in a Bloomberg survey.

RUSSIA – REAL ESTATE INVESTMENT MARKET SHOWS STABLE DEVELOPEMENT

The Real Estate Market in Russia Remains Cautiously Optimistic

Source: Jones Lang Lasalle (2014) (1) Investment deals, excluding land acquisitions, JVs, and direct residential sales to end users

RUSSIA – INVESTMENT VOLUME(1) BREAKDOWN BY SECTOR

Office Sector and Retail Sector Contributed over 70% to the Investment Volume 2013

RUSSIA – INVESTMENT VOLUME BREAKDOWN BY REGION

RUSSIA – INVESTMENT VOLUME(1) BY SOURCE OF CAPITAL

Foreign Capital Re-Entered Russia in 2013

MOSCOW OFFICE MARKET – MARKET INDICATORS, STOCK AND VACANCY RATE

Vacancy Rate in Class B Buildings Stable Around 10%

MOSCOW OFFICE MARKET – NEW CONSTRUCTION AND ABSORPTION

New Construction Still Higher Than Absorption

MOSCOW OFFICE MARKET - RENTAL RATES(1)

Source: Cushman & Wakefield (2014)

(1) Average rental rates is a weighted average rental rate of asking rents of deals closed within the period, US\$ / m²/ annum/ triple net

ST. PETERSBURG OFFICE MARKET – VACANCY DYNAMICS

Gazprom Likely to Fuel Demand in 2014

ST. PETERSBURG OFFICE MARKET – RENTAL RATES(1) STAYS RELATIVELY STABLE

TK DEVELOPMENT A/S – SHARE PRICE PERFORMANCE

TK DEVELOPMENT – INVESTMENT UPDATE

Realising true value in the portfolio takes time as expected

We still believe TK offers an attractive risk reward

TK DEVELOPMENT A/S – NET ASSET VALUE PER SHARE - Q3 2013/14

TK DEVELOPMENT A/S – EXPECTED TIMING OF ASSET SALES(1)

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CONTACTCONTACT

100 New Bond Street London, W1S 1SP United Kingdom

E-mail: [email protected] Tel: +44 (0)207 409 3378 Fax: +44 (0)207 491 3464

Web: www.stormcapital.co.uk

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